February 8th, 2017 by Own A Space
City’s wealthiest residents reside in the Dubai Emirates Hills and the district again has demanded the most expensive property sale of the 2016 year, especially after an Indian businessman splurged Dh53 million ($14.4 million) on a mansion with a golf course.
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The villa was founded on the UAE’s leading real estate portal by the buyer. The real estate market of Dubai still is one of the preferred choices for the world’s high net worth individuals and the leading choice for those from the GCC.
Last year’s record purchase of 24,000 square foot mansion of PH real estate is situated on a 39,000 square feet plot which is more than half size of a football pitch- ignoring Emirates Golf Club. The chief executive of Ph Real Estate said that they are delighted to set the record for the year 2016. They were formerly known as Powerhouse Properties and topped the transaction list for 9th year successively.
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The property sale transactions of Dubai have come down for the past few years, as the authorities have tightened the lending rules to hinder the speculators & cool off the market. This action has helped the prices in most of the communities to make single digit reduces successively for the second year in 2016. Cash purchases continue to be the norm in luxury segment.
Year round sunshine and sandy beaches with modern commercial infrastructure are what comprises Dubai and also makes it unique within a 6-hour flight of 70% of the world’s population.
These are the factor which compels Dubai to compete with the world’s luxurious lifestyle destinations such as Monaco, saint Tropez and Saint Bart’s as well as major cities of the world including London, Hong Kong, Sydney & New York.
The median price of a villa in Emirates Hills, earlier in the year 2016 was Dh 36 million, making it the most expensive neighborhood in Dubai. Second being the culture Village, the average villa price in the Creekside locale being Dh 24 million aided by high demand for the Palazzo Versace Properties.
Picture Courtesy: 7days.ae
Median prices of Palm Jumeirah were advertised for Dh2700 per square feet in the past year, thereby making it the most expensive area on this basis of measurement. Villas in Emirates Hills are bigger & hence propels higher selling price, coming at Dh 2,686 per square feet.
Downtown Dubai per square feet valuing at Dh 2,467 only districts with 100 listings on the top portal in the year 2016.
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